In Cleveland and Other U.S. Cities, Rents for Residential Units Rise Amid Sluggish Office Demand

CLEVELAND—During its heyday, the East Ohio Gas building was home to some of the most well-respected companies in the state, from the utility company that bears its name to national accounting firm Deloitte & Touche LLP.

But now the downtown 21-story tower, which has been vacant for five years, is set for a summer reopening as a luxury apartment building.

The property, named Residences at 1717, will include 223 apartments...